Jito’s native token, JTO, outperformed the crypto market with an 18% rally in 24 hours, as data reveals a bullish pattern backed by derivatives market activity and renewed staking incentives.
Derivatives Market Fuels JTO’s Momentum
JTO’s recent rally has been predominantly powered by futures traders placing long positions, indicating growing confidence in continued upward price action. According to market data, the Open Interest Weighted Funding Rate is trending upward, currently reading at -0.0054%. This figure, though still negative, suggests that the metric may soon flip positive—typically a precursor to intensified buying activity and potential price gains.
Additionally, Open Interest on JTO reached $77.98 million, marking a 66.93% increase in value. The surge, driven primarily by long positions, confirms sustained interest from derivatives traders. Complementing this trend is the Taker Buy/Sell Ratio, currently at 1.03, showing that buyers slightly outpace sellers in the market—a bullish sign.
Spot Market Pressure Looms, but Technicals Remain Strong
Despite strong futures interest, the spot market has been showing signs of selling pressure. Over the past four days, sellers have offloaded approximately $1.92 million worth of JTO. This selling activity intensified over the last two days, threatening to stall the upward trend.
However, JTO’s technical outlook remains optimistic. The token recently broke out of an ascending channel—a bullish chart pattern—and surged by 30% to hit $2.95. If spot market participants shift from selling to accumulation, it could provide the next leg up for JTO’s rally.
Development Activity Adds to Bullish Speculation
Jito’s recent introduction of the JitoSOL/SOL isolated pool on the Drift protocol has added fundamental strength to the token’s momentum. This feature enables users to stake JitoSOL and earn JTO in return. At present, the pool holds $2.36 million in value.
Increased staking activity could limit circulating supply if recipients choose to hold rather than sell their JTO. This supply reduction, combined with rising demand and trading interest, may further elevate price potential.
JTO’s 18% rally signals more than just short-term excitement. Backed by bullish technical signals, rising Open Interest, and strategic development updates, the token could be on the path to further gains—provided sellers ease their pressure and staking continues to grow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
